Abstract:
Entrepreneurial ventures are comprised with unique and distinct management practices.
Empirical studies revealed that, minority of family owned businesses succeeded at
surviving from generation to generation while managing unique family aspects. This study
describes art of managing continuity of family driven entrepreneurial venture referred
to the one of leading food manufacturing company in Southern province Sri Lanka. The
company has emerged and evolved in a traditional way, concerning their distinct values
and norms as per the owner’s philosophy. At present, the company has become the market
leader having a better understanding of Sri Lankan aroma and taste while maintaining
their consistent product quality. The study has identified, the company is experiencing the
third generation of their business ladder and still co-founders philosophy is practicing for
managing the business. In this view, the study has tackled to identify distinct management
practices of entrepreneurial driven family owned companies and critical factors evolved in
moving companies towards the sustainable in trans-generational succession. Moreover it
has revealed, though the company is performing well at the moment, change is required to
the company to meet the next generation requisites. Since the management of the company
is resistant to change, sustainability of the company in transition to the next generation
with prevailing traditional managerial practices is questionable. The study recommends
to making change while maintaining the stronger aspects of the traditional system.
